BlackBerry Limited has now raised its bets on the Artificial Intelligence and cybersecurity today with the $1.4 Billion purchase of the California based Machine learning specialist Cylance. The Canadian technology company, which dominated the smartphone market a decade ago, has now shifted to selling the software to manage the smartphones, as well as the emerging areas like the autonomous car.
Cylance uses the Machine Learning to preempt security breaches before they occur. Its application seeks to block the malware or the infiltration attempts rather than they react after a breach. Cylance is having around more than 3500+ active enterprise customers, which has been considering filing for a stock market floatation according to a report which has been revealed.
“Cylance’s leadership in artificial intelligence and cybersecurity will immediately complement our entire portfolio,” BlackBerry CEO John Chen said in a statement.
The California based company Chief Executive Stuart McClure, in turn, said that it would be able to leverage the BlackBerry strengthen in the mobile communications and security to adapt its Artificial intelligence technology. Apart from that, $1.4 Billion which BlackBerry will pay, the deal also going to include the assumption of the Cylance’s unvested employee incentive, the BlackBerry revealed.
Cylance wills till continue to work as a separate business entity after the deal closes. The deal is expected to close by the end of February 2019. Cylance, which is a California based Artificial intelligence enabled software designed to protect the mobile devices tablets and some of the other internet connected devices from the cyber attacks. The company software resides mainly on these devices and is merely designed to work even when they are not connected to a network and without consuming much more power.
BlackBerry has already topped manufacturing and designing the smartphone in 2016, after unable to keep in pace with the competition from the Samsung and Apple.
Cylance revealed that in June its annual revenue in 2018 was going to be about $130 Million and was soon growing at close to 90 percent. It has been said that more than 4000 business was as of now using its products.
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